CryptoQuant CEO Ki Young Ju becomes the latest to assert that the Bitcoin four-year cycle no longer applies, following the emergence of institutional traction.
He shared in a Thursday tweet that the Bitcoin cycle is now dead, as new institutional activities highlight a shift from the previous market stereotype. His comments build on his past admission that he was wrong about calling Bitcoin’s top a few months back.
From Calling The Bitcoin Top to Repentance
For context, Young Ju claimed in March that the Bitcoin bull cycle was over, stating that every indicator pointed to the start of a bear market. At the time, Bitcoin hovered around $83,000, with incessant whale liquidations fueling the sentiment.
The Bitcoin bull score dropped to multi-year lows. Also, the bull-bear market cycle (BBMC) indicator and the Market Value to Realized Value (MVRV) ratio all flashed bearish signals, causing the market to panic at the time.
Nonetheless, things quickly turned around for Bitcoin after April’s support retest, and BTC’s flight started. By May, Bitcoin had surpassed its January peak price, hitting a new all-time high of $112,000. Bitcoin went on to reach $123,000 this month before the present retracement.
This forced Young Ju to reconsider his earlier predictions and publicly admit that he was wrong. He noted that the crypto market has seen a new dynamic, following institutional influx through several Bitcoin-focused investment vehicles.
The End Of the Bitcoin Bear Market?
Yesterday, he reiterated his new bullish stance, citing the changing landscape in the cryptocurrency market once again. According to him, the Bitcoin cycle theory is dead amid the growing institutional adoption of Bitcoin.
The CryptoQuant founder emphasized that his “bull cycle is over” call was based on previous cyclical occurrences. Then, Bitcoin whales accumulated during the cycle’s first year. When Bitcoin rallies to new all-time highs three years later, they sell to retail traders, who usually join the party late.
However, this pattern has changed. Now, Bitcoin-hungry institutional players quickly accumulate the stash of profit-taking old whales, ensuring minimal price impact.
“Institutional adoption is bigger than we thought,” he noted, apologizing again for ignoring this market shift.
In truth, institutions are entering the crypto market in no small way. Bitcoin spot ETFs are consistently buying, facing competition from the ever-growing Bitcoin treasury companies, which purchased twice as much as the funds did in the first half of the year.
Meanwhile, Young Ju shares this new sentiment with major market players such as Michael Saylor and Binance’s CZ. Saylor recently stated that the bear market era is now extinct, with CZ projecting that his extended bullish phase would take Bitcoin to $1 million this cycle.
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